If you think the home value situation couldn’t get worse, think again:

American homes are losing their value at the fastest rate in two decades, according to a closely watched report released on Tuesday.

In the 12 months ended in February, the Case-Shiller home price index, which measures the value of single-family homes in 10 major metropolitan regions, fell 13.6 percent, the worst decline since records began in 1987. A broader 20-city index dropped 12.7 percent.

The slump in home prices was more severe than the worst point of the recession of the 1990s, the last time values fell so far, so quickly.

As foreclosures rise and mortgage lenders tighten their standards, the market is expected to continue to suffer under the pressure of sagging inventories and a dearth of qualified buyers, economists said.

    And what of the people like Robert Rubin, who stand at the helm of the very institutions that created the mess? They are doing just fine, thank you:

Since arriving at Citigroup, Mr. Rubin has been awarded compensation worth at least $126.1 million, according to Equilar, a research firm. That would place him firmly in the top 25 percent of earners if compared to the chief executives of Fortune 500 companies.

    And, indeed, Rubin is still being pointed to by both Democratic presidential candidates as a wise person who should be called on to fix the mess. Am I missing something here? Do you think any regular worker who messed up royally would last a New York minute and his or her job–not to mention being rewarded like a king? The answer is obvious.